CIR (CIR) H1 2026 earnings summary

Executive summary

• Consolidated revenues increased by 1.7% year-over-year in H1 2026 to €913.5 million, driven by 4.3% growth at KOS and stable Sogefi performance.

• Net result rose to €18.6 million from €14.5 million, mainly due to full consolidation of KOS and improved operating performance.

• Major strategic moves included the acquisition of the remaining 40% of KOS, making it wholly owned, and a share buyback program.

• Sogefi agreed to sell its precision springs business for €21 million.

• Operating performance improved, supported by higher financial portfolio income.

Financial highlights

• Group revenues reached €913.5 million in H1 2026, up from €898.4 million in H1 2025.

• EBITDA increased to €142.1 million (15.6% margin), and EBIT to €57.5 million (6.3% margin).

• Net financial position shifted from +€220.4 million at Dec 2025 to -€24.7 million at June 2026, mainly due to the KOS acquisition and share buybacks.

• KOS net debt increased by €56 million, mainly from dividend payments and capex; Sogefi net debt decreased by €10.9 million.

• Parent company net financial position decreased from €362.3 million to €162.3 million, reflecting KOS acquisition and buybacks.

Outlook and guidance

• KOS expects to consolidate gains with slightly higher results than last year; full effect of Italian rehab tariff increases expected from 2027.

• Sogefi anticipates a low single-digit revenue decline for the full year, with EBIT margin guidance confirmed at 25% and stable adjusted EBIT margin.

• Persistent macroeconomic and geopolitical uncertainties expected to drive market volatility.

• Occupancy rates in Italy near capacity; Germany has upside potential as some regions lag.

• Group net income for 2026 is expected to exceed 2025 levels barring extraordinary events.